Registration number: 12226335

Felgates Ltd

(Registration number: 12226335)
Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Investment property	4	456,470	463,000
Current assets
Debtors	5	-	13,470
Cash at bank and in hand		2,363	2,359
		2,363	15,829
Creditors: Amounts falling due within one year	6	(198,706)	(126,356)
Net current liabilities		(196,343)	(110,527)
Total assets less current liabilities		260,127	352,473
Creditors: Amounts falling due after more than one year	6	(231,955)	(293,729)
Provisions for liabilities		(6,351)	(12,786)
Net assets		21,821	45,958
Capital and reserves
Called up share capital		100	100
Other reserves		47,843	64,043
Profit and loss account		(26,122)	(18,185)
Shareholders' funds		21,821	45,958

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 17 September 2026 and signed on its behalf by:
 

......................................... Mr S R Deacon Company secretary and director

Felgates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 7 The Groves, Chester, CH1 1SD, England.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental of the investment
properties held.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that
future economic benefits will flow to the entity and specific criteria have been met for each of the company's
activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Felgates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2025 - 2).

4	Investment properties

	2026 £
At 1 April	463,000
Additions	13,470
Fair value adjustments	(20,000)
At 31 March	456,470

There has been no valuation of investment property by an independent valuer. The valuation in these accounts reflects the fair value estimated by the directors based on prices obtained for similar properties.

Felgates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

5

Debtors

	2026 £	2025 £
Prepayments	-	13,470
	-	13,470

6

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Bank loans and overdrafts	7	69,625	3,745
Accruals and deferred income		2,977	2,033
Other creditors		126,104	120,578
		198,706	126,356

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Loans and borrowings	7	231,955	293,729

7	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Bank borrowings	231,955	293,729

Current loans and borrowings

	2026 £	2025 £
Bank borrowings	69,625	3,745

8	Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the directors.